Сompliance


The anti-corruption compliance (in the narrow sense) is the achievement of the compliance of the activity of an organization, enterprise of any form of property with the anti-corruption legislation (both in national and international aspects).

The word “compliance” has long become usual for western companies. The system of compliance (risk management) has been implemented in almost all large international companies. Moreover, not only employees of a company and internal documentation undergo the compliance, but also contractors, suppliers, partners which cooperate with the company.

Advantages of the implementation of the compliance system in companies:

  • prevention of risks of non-compliance with the requirements of regulators
  • prevention of financial losses, bankruptcy and sanctions
  • well-established system of detection and prevention of facts of corruption, fraud and abuse
  • increase in the operating efficiency of the company
  • simplification of the procedure of transactions with foreign partners
  • increase in the value of the company, its competitiveness and investment appeal
  • preservation and development of business reputation of companies both in Ukraine and abroad

Thus, the compliance system is an effective instrument of risk management and allows to avoid unfavourable consequences both for the company and management.

Lawyers of Dmitrieva & Partners render services in the sphere of the anti-corruption compliance in accordance with the individual peculiarities of a company:

Among the most asked-for services:

  • development, implementation, support of the compliance system in a company
  • anti-corruption audit of clients and their counterparties
  • internal investigations of violations of anti-corruption legislation and corporate policies of the company
  • analysis of corruption risks and recommendations for their elimination
  • holding trainings for staff with respect to anti-corruption legislation and internal policies of companies
  • representation of interests in the investigation of violations in the field of compliance
  • creation of the system of informing on compliance incidents
  • provision of services of outsourcing of the compliance function.

 

Compliance in the field of international corporate law.

“Compliance” means the part of the management/control system in the organization associated with the risks of non-compliance, non-observance of legal requirements, rules and standards of supervisory authorities, etc. Such risks of non-compliance can ultimately appear in the form of application of legal or regulatory sanctions, financial or reputational losses as a result of non-compliance with laws, generally accepted rules and standards.

The scope of “compliance” also includes specific areas, such as: combating the legalization of proceeds from crime and financing of terrorism; development of documents and procedures to ensure compliance of the company with current legislation; protection of information flows, combating fraud and corruption, establishing ethical standards of conduct for employees, etc.

Compliance work is carried out every time during:

  • incorporation of a new company;
  • renewal of the serviced company;
  • appointment of a new person or change in the structure of a company.

The service agent is obliged to assess risks and to conduct continuous monitoring of a company and to confirm these actions by documents in accordance with the principles and rules of TCSP (Trust or Company Service Providers). Compliance is carried out for each company separately, and all the persons who are associated with the company and its activities must undergo it.

Data verification is carried out using the following instruments and sources: World Check, PCApredict, HM Treasury Sanctions, US Treasury Sanctions, Google Maps, Search Engine data, Company Registries, etc.

All data obtained as a result of the search are included in the company file, and a subsequent risk assessment is carried out.

Verification of identity documents is just one aspect of compliance. For example, when conducting a check of the company registered in the United Kingdom, all issued documents (powers of attorney, contracts, agreements, etc.) are examined in order to determine what persons can be referred to persons with significant control (PSC).




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